In this episode we discuss the Real Estate Professional tax status. What is a real estate professional? What is it not? And when can (and should) you use this tax status to your advantage.
We define what a Real Estate Professional is and how to qualify. We also launch into a couple examples of great times to use the Real Estate Professional status. Non-working spouses and cost segregation studies will allow us to qualify for the Status and maximize single year write-offs.
We also discuss how you should track your time to audit proof your return.